Fintech Credit Card Startups (e.g., Kiwi, OneCard) (N/A)
Published 2026-03-17 • by uniteconomics
Thesis Summary
The author advises against the fintech-centric credit card business model. Regulatory tightening by the RBI on KYC, underwriting, and co-brand partnerships has made it extremely difficult for new entrants to achieve profitability.
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Detailed Deep Dive
A direct consequence of the changing co-branding dynamics is that there appears to be little merit in cornering the business model of a fintech around credit cards today, unless large distribution already exists. More directly, I would suggest that it would be unwise to start a Kiwi or OneCard in today’s environment.